21st Century Fox Drops $76bn Time Warner Bid

Rupert Murdoch's 21st Century Fox has abandoned its attempt to take over rival media giant Time Warner.

The move comes three weeks after Time Warner revealed it had rejected an unsolicited $76bn (£45bn) offer from the company.

Rupert Murdoch, 21st Century Fox CEO, said the rival firm's management and board had "refused to engage" over the proposed takeover.

He also said a fall in his company's New York stock price was another reason for calling time on the pursuit, which would have created one of the world's largest media groups.

Mr Murdoch said: "Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly.

Time Warner owns Warner Bros studios, which made the Harry Potter films

"However, Time Warner management and its board refused to engage with us to explore an offer which was highly compelling."

Time Warner's assets include the cable movie channel HBO and Warner Bros studios, which produced the Harry Potter movies.

Its rival has the Twentieth Century Fox film and television studios in its global stable alongside a wealth of TV channels and networks, including a 39% stake in Sky News owner BSkyB.

With any deal seemingly off the table, Fox's board approved a plan to buy back $6bn of company stock over the next year.

Fox shares rose 10.4% in after-market trading, while Time Warner's were down 10.7%.

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